The report offers insights into the current state of the global Cybersecurity Market and highlights the key factors driving growth in this sector. The report also provides a detailed analysis of the competitive landscape, highlighting the key players in this market and their growth strategies.
In addition, the report offers insights into the emerging trends and innovations in the Cybersecurity Market, highlighting the latest technological advancements and the impact they are having on the industry. The report also offers a geographic outlook, providing insights into the key regions driving growth in this sector.
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The global cybersecurity market is expected to experience rapid growth due to increased digitalization, higher spending on information security, and the advent of 5G technology. The market is projected to expand at a compound annual growth rate (CAGR) of 11.6% during the period of 2017 to 2022. Various industrial and commercial sectors are adopting cybersecurity solutions to safeguard their data, and this trend is expected to continue in the foreseeable future.
Looking at the solution segment, governance, risk and compliance solutions occupied a market share of 51% in 2017, as most of the global compliance norms necessitate data security. Government departments are the largest consumers of these solutions, as they need to maintain huge volumes of data, including information of the citizens, government strategies, and planning, etc. Identity and access management (IAM) solutions also occupy a large share (26%) of the market. Stolen credentials of employees are the leading facilitators of system hacking cases and data breach incidents, which is expected to cost businesses around USD 2 trillion by 2019, globally. Hence, stronger mechanisms such as multi-factor and biometric authentication are witnessing rapid adoption. Encryption solutions are gaining grounds due to the proliferation of data shared on social media and stored in virtual storage devices. It is expected to expand at a CAGR of 17.9% during the forecast period.
In the end-use industry segment, the financial services industry is the largest consumer of cybersecurity solutions, with a global share of 39% in 2017. With the digitalization of financial services, cyberattacks continue to threaten data privacy and customer loyalty. Advancements in machine learning and analytics allow financial organizations to detect abnormalities in the transaction of data and take necessary corrective actions. Sectors such as government, telecommunications, and healthcare occupy 20%, 16%, and 15% of the market, respectively, in 2017. High growth is expected in the defense sector during the forecast period due to the increasing use of the Internet of Things (IoT) to connect aircraft, ground vehicles, ships, and weapons systems.
In terms of regional insights, North America has shown the highest adoption of cybersecurity products, occupying approximately 37% of the global market in 2017. Across the United States (U.S.), private and public agencies are implementing cybersecurity systems to safeguard their stakeholders. Recently, the U.S. Defense Secretary established a task force to recommend ways to curb theft of critical technologies by adversary countries. Europe and Asia-Pacific comprised 25% and 20%, respectively, of the global cybersecurity market. Since the adoption of the European Union’s (EU) cybersecurity strategy in 2013, the European Commission has pushed up its activities and efforts to provide better security to Europeans in various online activities. The Latin America market has started to pick up as the Brazilian government signed a contract in 2017 with Microsoft to update its cybersecurity systems in order to tackle the repeated cyberattacks coming from WannaCry ransomware.
Several companies are currently operating in the cybersecurity market, including Symantec Corporation, Check Point Technology Ltd., Palo Alto Networks, Fortinet, FireEye, Trend Micro Inc., Proofpoint Corp., KPMG, and IBM Corp.
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COVID-19 – Next Thoughts: In this piece, we have shared key data and numbers that shine a spotlight on the current scale of the crisis and the economic fallout. A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021
Under COVID-19 Outbreak Impact Analysis:
We analyzed industry trends in the context of COVID-19. We analyzed the impact of COVID-19 on the product industry chain based on the upstream and downstream markets. We analyze the impact of COVID-19 on various regions and major countries.
The impact of COVID-19 on the future development of the industry is pointed out.
Study Explore :
Geographical Breakdown: The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery path of Covid 19 for all regions, key developed countries and major emerging markets.
Countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects: Market Structure, Growth Drivers, Restraints and Challenges, Emerging Product Trends & Market Opportunities, Porter’s Fiver Forces. The report also inspects the financial standing of the leading companies, which includes gross profit, revenue generation, sales volume, sales revenue, manufacturing cost, individual growth rate, and other financial ratios. The report basically gives information about the Market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.
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